European Shares Inch Higher Ahead Of Key Inflation Data

(RTTNews) - European stocks traded higher on Tuesday after reports emerged that the Trump administration is willing to end U.S. military operations against Iran even if the Strait of Hormuz remains largely closed.

The British pound was flat after data showed Britain's economy barely expanded in the fourth quarter, as initially estimated.

Gross domestic product grew 0.1 percent from the prior quarter, which was unrevised from the previous estimate, according to final data from the Office for National Statistics. That followed similar growth in the third quarter.

Elsewhere, Germany's retail sales declined in February due to the fall in food sales, while the number of unemployed people in the country remained unchanged in March, separate set of data revealed.

Eurostat is slated to release euro area flash inflation for March later in the day. Economists expect inflation to rise to 2.5 percent from 1.9 percent in February.

The pan European Stoxx 600 climbed 0.7 percent to 584.47 but was down more than 8 percent for March, marking its sharpest monthly decline since 2020 on concerns that elevated oil prices could fuel inflation and weigh on growth.

The German DAX and the U.K.'s FTSE 100 both surged around 0.7 percent, while France's CAC 40 added half a percent.

Casino Group shares tumbled 4 percent in Paris as the retailer announced key terms of the new proposals regarding the project to adapt and strengthen its financial structure.

Drugmaker Sanofi added 1.5 percent after receiving conditional marketing authorization for Rezurock from the European Commission.

Train maker Alstom surged 5 percent after securing an $800 million share in a $2.75 billion multinational systems contract in the AMECA region.

Shares of Domino's Pizza Group advanced 2.4 percent in London. The company has officially appointed interim chief executive Nicola Frampton as its permanent CEO.

Unilever gained 1 percent. The FMCG giant said it was in advanced talks to combine its food business with spice maker McCormick.

Ashmore Group shares jumped more than 6 percent. Japan Post Insurance plans to take up to a 2.9 percent stake in the British asset manager and invest $1 billion in Ashmore-managed emerging market funds.